Bitcoin (BTC) is currently trading at $94,948, up 7% in the past 12 hours after hitting a local bottom of $90,835 following its recent all-time high (ATH) of $99,690. Despite the recovery, BTC faces stiff resistance at $95,981–$96,739, leaving investors wondering: will Bitcoin push past $100,000, or is a dip below $90,000 imminent?
Why Did Bitcoin Crash?
1. Profit-Taking Pressure
• BTC surged from $17,000 in early 2023 to near $100,000, prompting investors to realize profits and triggering selling pressure.
2. Psychological Resistance at $100K
• As a key milestone, $100,000 is a psychological barrier. Short-term corrections like these often occur to shake out weak hands and reset market dynamics.
3. Excessive Leverage
• Bitcoin’s breakout from a seven-month consolidation range attracted retail investors and leveraged positions. Short-term drops often clear out overleveraged traders, allowing for healthier growth.
Bitcoin Price Analysis: What’s Next?
• Support Levels
• BTC’s immediate support lies at $90,000, with a stronger level at $87,637. A breach below this could invalidate the bullish outlook, potentially triggering a 17% crash to $77,074.
• Resistance Levels
• BTC faces resistance at $95,981 and $96,739. A successful breach could pave the way for another attempt at the $100,000 milestone.
• Bullish Outlook
• If Bitcoin consolidates above $90,000 and gathers momentum, it could aim to finish 2024 on a bullish note, potentially crossing $100K and even reaching a $2 trillion market cap.
Market Performance
• Year-to-Date Gains: Up 120%, BTC continues to outperform most altcoins.
• Market Cap: Currently at $1.93 trillion, BTC dominates the crypto market alongside Ethereum.
• Trading Volume: BTC’s 24-hour volume stands at $64.3 billion, with Binance contributing the majority through spot and perpetual trading.
Key Takeaway: Bitcoin remains at a critical juncture. While its recovery shows promise, sustained selling pressure could trigger further downside. Investors should watch key levels as BTC battles between breaking $100,000 or revisiting sub-$90,000 territory.
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